Virginia is home to some of the best banks you can use to help manage your money. These banks are the focus of our article today.
If your mind is on money, we’ve got everything you need to know about the best banks in Virginia. These banks have some locations outside of this eastern state, but many are regional to the East.
We’ll also include how you can choose the best bank account for you. When you’ve got the best bank account on your side, there’s no stopping you from achieving your financial goals.
Are you ready to learn more about the best banks in Virginia? Let’s get started!
17 Best Banks in Virginia
Banks with early direct deposit can help you access your money sooner. However, some of the best banks in Virginia below offer even more incentives to sign up for a new account.
1. Chase
One of the largest banks in the U.S., Chase hosts several offers if you open a new account. These accounts include checking, savings, money market, and more.
For example, you can earn a $300 bonus when you open a new Chase Total Checking® account. Set up a direct deposit, and you can pocket that $300 without a sweat.
Chase commands over 15,000 ATMs and over 4,700 branches you can visit. This member-FDIC also incorporates a user-friendly mobile app that allows you to manage your money from wherever you might be.
You can also use Chase to open and manage your business accounts. When you meet the qualifying criteria, open a Chase Secure Banking℠ or Chase Business Complete Checking® account to earn $100 and $300 respectively.
2. Carter Bank & Trust
This state-chartered community bank offers members many financial tools, including checking and savings accounts. New members can choose from four checking accounts requiring a $50 minimum deposit.
Beyond the initial $50 investment, Carter Bank & Trust’s checking accounts don’t require a minimum balance. However, they are interest-bearing, though the specific rates aren’t published on the bank’s website.
Open a Carter Savings Account, and you can waive the $5 monthly fee if you maintain a balance of $100 or more. You can also earn a ticket by saving $25 to participate in the Carter Ca$h giveaway, where you could win up to $25,000.
When it comes to banking in Virginia, Carter Bank & Trust makes it easy to manage your money. This Virginia bank also offers credit cards, loans, and mortgages to help residents accomplish their life goals.
3. Citi
Virginians, if you can deposit $300,000 into your new Citi account, you can earn up to $2,000 in rewards. If you’ve only got $10,000 to deposit, you can still earn $200 when you open a new Citi Priority Account.
To earn this new member bonus, you’ll need to complete the following criteria:
- Deposit $10,000 or more within 20 days of opening your account
- Maintain that balance for 60 consecutive days after the 21st day
If your balance dips below $10,000, you’ll only earn a bonus for that lower amount. Bonuses are typically deposited within a month after you complete your required activities.
4. Dollar Bank
Open a Dollar Bank Personal Checking Account by August 31, and you’ll be $300 richer. Use the promotional code “CHK22” to immediately get your $200 Mastercard debit card and $100 on your one-year anniversary.
Besides opening a new account, Dollar Bank requires that you receive direct deposits of $2,500 or more within 90 days of opening your account. Fulfill that requirement, and the $300 is yours.
5. Eastman Credit Union
Eastman Credit Union continues to grow and support its many members in Virginia. This credit union offers free checking and savings, money market accounts, investments, loans, and more.
Members of many communities in Virginia can join Eastman Credit Union simply based on where they live, work, attend school, or worship. You can easily open an account online if you’re over 18.
Eastman Credit Union offers $100 for new members who open a personal checking account. If you set up a direct deposit shortly after opening the account, you’re awarded the $100 bonus.
6. First Bank Virginia
This bank might not be the first to open in Virginia, but it’s a catchy name. Plus, you can make $200 just by opening a bank account with First Bank Virginia.
You must first open a Personal Checking Account and receive a direct deposit. Then, you must keep that account open for at least 90 days to receive your $200 bonus.
7. Fulton Bank
Speaking of $200, you can also earn that amount with Fulton Bank. This bank requires more of you than First Bank Virginia, which might make you want to open an account with them instead of Fulton.
All the same, here are the requirements to earn a $200 bonus:
- Open a personal checking account
- Make 15 debit card purchases within 60 days OR set up a direct deposit of $250 or more
Fulton Bank is available to employees of companies that participate in the Workplace Banking Program. You can find out more about Fulton Bank by visiting its website.
8. Gateway First Bank
If you can make a direct deposit of $250 or more within 90 days, you can open a Gateway First Bank Personal Checking Account and earn $250. Act quickly because this offer expires at the end of June.
In addition to funding your account with a $250 direct deposit, Gateway First Bank also requires that you maintain that amount for 90 days. Then you’ll get $250 deposited into your account.
9. HomeTrust Bank
If you’re looking for some of the best bank account bonuses from Virginian banks, check out HomeTrust Bank. This bank offers a $400 bonus for new members who open a personal checking account with the promo code “UPTO400.”
HomeTrust Bank splits your bonus up into three parts:
- $150 when you set up and receive a direct deposit of $2,500 or more within two of the first three statement cycles
- $150 for opening your account with a balance of $10,000 or more and maintaining that balance for 90 days
- $100 for making 15 debit card purchases of $500 or more within one statement cycle within 90 days of opening your account
Hurry! This offer only lasts until June 15.
10. Lafayette Federal Credit Union
If you want to make money by opening a savings account, Lafayette Federal Credit Union awards you $100. You can earn the same $100 if you open a checking account instead.
Members who open Lafayette Federal Credit Union savings accounts must qualify for membership and open the account with the promo code “DD2022.” Members must also receive a direct deposit of $500 or more within 45 days of opening the account.
11. M&T Bank
Open an M&T Bank business checking or money market account by June 30, and you could earn $500 or $450, respectively. You can earn up to $200 when you open a new personal checking account by July 31.
To earn the $200, you’ll need to open your new M&T Bank account online or in person and have a direct deposit of at least $500 within 90 days. If you can manage this, you can boost your savings with an extra $200.
12. Peoples Bancorp
Like many other Virginia banks on our list, Peoples Bancorp requires you to complete several criteria to earn a $300 bonus. These actions include:
- Open a new personal checking account
- Receive a direct deposit at least once in each statement cycle for the first six cycles
- Make five or more debit card purchases
- Elect to receive eStatements
When you complete these requirements, you can earn $50 for each statement cycle. That totals $300 across six months.
You can earn $300 for your new account if you can manage all these steps. This sum can also help you make ends meet if you need extra cash.
13. PNC Bank
PNC Bank is known for having one of the best banking apps. It also offers a $50 bonus when you open a Virtual Wallet Checking account.
To earn $50, you must deposit $500 or more within the first 60 days of owning your account. PNC Bank will credit you the $50 within 90 days of completing this requirement.
This offer expires at the end of June, so don’t dally if you want to open an account with PNC Bank. If you do miss it, you might be able to earn $400 by opening a new Performance Select Checking account or $200 for a Performance Spend Checking account.
14. Sandy Spring Bank
This Virginia bank offers new members a $75 bonus when they complete the following:
- Open a new personal checking account
- Receive a direct deposit of $100 or more (+$25 bonus)
- Make three debit card purchases during the third statement cycle (+$25 bonus)
- Select eStatements by the end of the third cycle (+$25 bonus)
Most of these requirements are easy enough to meet. If you prefer banking with Sandy Spring Bank, it pays to open a new bank account.
15. TD Bank
The Toronto-Dominion Bank (TD Bank) is one of the largest banks in the US and one of the best banks in Canada. Open a new TD Beyond Checking account by Halloween this year, and you can earn up to $300 in cash. You can also earn $200 if you open a Convenience Checking account instead, with similar requirements.
To earn your $300 bonus, you must open a new Beyond Checking account and receive a direct deposit of $2,500 or more within the first 60 days. If you have a direct deposit of $5,000 or have a balance of at least $2,500 within each statement cycle, you can also waive the monthly fees for this account.
TD Bank reimburses members for ATM fees and overdrafts. You can also use your new TD Bank account and Zelle to send and receive money.
16. Truist Bank
Open a Truist Bank checking account by July 25 to earn $400. Use promo code “TRUISTCHKQ223” and make two direct deposits of $1,000 plus within the first 90 days of ownership.
Though known as having some of the best money market accounts, Truist Bank also offers its Confidence Account that helps you build or repair your credit. This account requires a $25 opening deposit, but you can waive the $5 monthly fee in several ways.
17. First National Bank
This regional bank offers some of the best checking accounts for a full-service bank. You can choose from five checking accounts in total, including:
- Freestyle Checking
- Lifestyle Checking
- eStyle Checking
- eStyle Plus Checking
- Premierstyle Checking
Choose the Premierstyle Checking account, and you can get your first order of checks free. First National Bank also offers savings accounts, mortgages, loans, investment planning, insurance, and business accounts.
How to Choose the Best Bank
When choosing the best bank for your needs, it's essential to consider various factors, including:
- Account options: Determine the types of accounts you need, such as checking, savings, or investment accounts. Make sure the bank offers accounts that align with your financial goals.
- Fees: Review the fee structure of each bank, including monthly maintenance fees, ATM fees, overdraft fees, and minimum balance requirements. Choose a bank with reasonable fees that suit your banking habits.
- Accessibility: Consider the bank's branch and ATM locations. Ensure they have convenient locations and operating hours for your needs.
- Customer service: Read reviews and gather information about the bank's customer service. Responsive and helpful customer service can make a significant difference.
- Interest rates: Compare interest rates on savings accounts, certificates of deposit (CDs), or other investment products. A bank offering competitive rates can help your money grow over time.
- Specialized services: Consider any specialized services you may require, such as small business banking, mortgage lending, or investment advisory services. Ensure the bank has expertise in the areas relevant to your needs.
- Additional perks: Some banks offer other perks, such as rewards programs, cashback offers, or discounts with partner merchants. Consider these extras if they align with your preferences.
Remember, the best bank for you will depend on your unique circumstances and financial goals. Take time to evaluate your options thoroughly for a more informed decision.
Savings Accounts vs. Money Market Accounts
Banks offer both savings accounts and money market accounts that allow you to save money and earn interest on your balance. While they may seem similar on the surface, the two are distinct in the following ways:
Savings Accounts
Savings accounts allow you to withdraw and deposit money as you earn interest. Many have fewer restrictions, including lower minimum balance requirements and interest rates such as the ones in the table below:
- APY: 4.50%
- Minimum to Earn APY: $1
- Up to $325 welcome bonus for new accounts
Money Market Accounts
Money market accounts are hybrid accounts that combine a checking and savings account. Minimum balance requirements are higher for this type of account, but account holders earn a higher interest rate such as the ones in the table below:
Overall, money market accounts let you write checks, make transactions, and are generally more flexible than savings accounts. However, they are limited to those who can deposit more into the account immediately.
FAQs
What are some of the best banks in Virginia?
Some of the best banks in Virginia include Citi, HomeTrust Bank, Carter Bank & Trust, and First Bank Virginia. If you live in Virginia, you can also bank with larger national banks such as Chase and Wells Fargo.
Which banks available in Virginia offer the highest bonus?
The banks available in Virginia that offer the highest bonus include Citi, Dollar Bank, and Truist Bank. You can earn up to $2,000 with Citi, $400 with Truist Bank, and $300 with Dollar Bank.
Which banks in Virginia don’t charge monthly maintenance fees?
Most Virginia banks charge a monthly maintenance fee, depending on which account you choose. However, you can often waive these fees if you complete various criteria.
Banking in the Mother of States
Virginia holds a special place in American history. It’s also a great state to live in if you want access to several of the best banks nationwide.
We hope this article has helped you to see where you can bank in Virginia and what banks offer the best perks. No matter which bank you choose, you can gain a leg up.
Many banks above also include a welcome bonus for new members who sign up. You can use these offers to contribute to your savings.
Banking in Virginia might not differ from banking in any other state. It’s easy to find a bank you can partner with to help you establish a better financial future.
Which Virginia banks will you bank with?
